Our Subsidiaries

ACSA group has established several special purpose subsidiaries with the aim to enhance creation of value and strategic partnerships.

Name	100% owned subsidiaries¹				Investments in joint ventures⁵
	ACSA Global Ltd^*	Airports Consultancy and Advisory Services SOC Ltd	JIA Piazza Park (Pty) Ltd	Precinct 2a (Pty) Ltd^*	Airport Logistics Property Holdings (Pty) Ltd
Purpose of existence	The investment holding company through which Airports Company South Africa held a 10% interest in the Mumbai International Airport Private Limited, which was disposed of in the current financial year.	The provision of airport consultancy and advisory services to airports in South Africa and internationally. This subsidiary will be leveraged to provide services for future prospects.	The holding company through which we operate the Inter-Continental Hotel at O.R. Tambo International Airport.	A company through which we own approximately 250 hectares of land adjacent to O.R. Tambo International Airport. The strategy is to redevelop property for aeronautical and non-aeronautical purposes to grow revenue.	A property holding company, held with the Bidvest Group, that owns three distribution warehouses at O.R. Tambo International Airport and Cape Town International Airport.
Year of inception	2005	2016	1998	1998	2003
Airports Company South Africa shareholding	100%	100%	100%	100%	50%
Other shareholders and their respective shareholdings	N/A	N/A	N/A	N/A	Bidvest Holdings Ltd (50%)
Equity injections	R100	Nil	R100	R100	Nil
Net asset value at 31 March 2023	R186 million	Nil	R33 million	R89 million	R240 million

Name	Special purpose entities²			Investments in associates⁶
	Lexshell 342 Investment Holdings (Pty) Ltd	Airport Management Share Incentive Scheme (Pty) Ltd	Sakhisizwe Community Programme	La Mercy JV Property Investments (Pty) Ltd	Guarulhos International Airport Private Limited^*
Purpose of existence	An employee share option entity wholly-owned by the Airports Company South Africa Kagano Trust³.	Employee share incentive scheme that holds investments (specifically Group ordinary shares.	Sakhisizwe is a special purpose entity that seeks to transform the aviation industry by providing study bursaries to financially and academically deserving students from previously disadvantaged backgrounds.	A land development and property investment company held in collaboration with Dube Trade Port Corporation. Our strategy is to build an investment property portfolio at King Shaka International Airport – Dube Trade Port – through land-lease agreements.	A company in which we hold a 20-year concession to develop, operate and maintain the Guarulhos International Airport in São Paulo. We also provided technical advisory and consultancy services for the first five years of the concession. The Technical Services Agreement terminated in 2017, owing to effluxion of time.
Year of inception	1999	1999	1996	2009	2012
Airports Company South Africa shareholding	SPE	SPE	SPE	40%	10.2
Other shareholders and their respective shareholdings	Airports Company South Africa Kagano Trust	Airports Company Management Share Incentive Scheme Trust	N/A	Dube Trade Port Corporation (60%)	A joint venture between Investments e Participações em Infrastructura S.A (Invepar) (80%) and Airports Company South Africa (20%), which together hold 51% of Guarulhos Participações S.A (GRUPar). The other 49% is held by State-owned airport authority Infraero.
Equity injections	Nil	Nil	Nil	R38 million	R1.2 billion
Net asset value at 31 March 2023	(R42 million)	R17 million	R541 000	R187 million	R0

Subsidiaries are all entities – including special purpose entities (SPE) – over which the Airports Company South Africa has control, generally evidenced by a shareholding of more than half of the voting rights.
A SPE is a ring-fenced entity that isolates financial risk to the holding company.
The Airports Company South Africa Kagano Trust was formed under the Trust Property Control Act to administer the staff share scheme (until they were paid out in 2013) and to be a holding company with its two subsidiaries: Lexshell 342 and Lexshell 343. Lexshell 343, currently dormant, was specifically formed to hold Group share options should Airports Company South Africa list on the JSE. We intend to repurchase our ordinary shares from Lexshell 342 and possibly winding up the Kagano Trust, Lexshell 342 and Lexshell 343. The Kagano Trust is dormant and has no beneficiaries.
Airport Management Share Incentive Scheme (AMSIS) exists only as a special purpose vehicle for the Management Trust and holds ordinary shares in Airports Company South Africa as an investment on behalf of its holding company, the Management Trust. The Management Trust is dormant and has no beneficiaries, as all beneficiary shares were bought back during 2009. We intend to repurchase our ordinary shares from AMSIS and thereafter possibly winding up the Management Trust and AMSIS.
Joint ventures are entities over which Airports Company South Africa has joint control over the economic activity through a contractual planning arrangement. Airports Company South Africa recognises its interests in the joint venture using equity accounting.
Associates are all entities over which Airports Company South Africa has significant influence but not control, generally with a shareholding of between 20% and 50% of the voting rights. Investments in associations are accounted for using the equity method of accounting and are initially recognised at cost.